Daily Digit: Dolce & Gabbana's tax fine

Thursday, June 20, 2013 - 01:06

June 20 - Fashion design duo Domenico Dolce and Stefano Gabbana plan to appeal what could end up being a 10 million euro fine for hiding hundreds of millions of euros from the Italian tax authorities. Hayley Platt reports.

▲ Hide Transcript

▶ View Transcript

10 million euros is today's daily digit in Europe - the amount Italian fashion designers Dolce and Gabbana could end up paying after a court fined them for tax evasion.
The pair were convicted of hiding hundreds of millions of euros from the Italian tax authorities by selling their brand to a Luxembourg holding company.
They also received a 20-month suspended prison sentence.
Neither were in court for the hearing.
The fashion designers were acquitted on charges of filing inaccurate tax returns and have vowed to appeal the sentence.
The case has taken five years to come to court.
It was launched after the authorities began a crack down on tax evasion during the financial crisis.
It's one of the few high profile ones to reach the final stages.
The designers - who live as glamorous a lifestyle as many of their clients - have always maintained their innocence
Their business is expected to suffer as a result of the case - the pair may now have to pay a tax bill of more than 400 million euros.

French President Emmanuel Macron heads into the summer break faced with falling popularity ratings after tough debates in parliament over labour reform and a public ethics law, a standoff with the military and cuts to housing assistance

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: